Average Australian home loan customer is 31

By Mozo ·

The average age of people logging on to compare home loans for the first time has risen in the past few decades.

According to the Sydney Morning Herald, a new survey conducted by mortgage insurance provider Genworth has shown that the typical first-time buyer is now 31, compared to 25 in the 1970s.

The results indicate that Australians are leaving it much later before they take the plunge into taking on debt – underscoring the current problem of high house prices that are reducing affordability.

Alan Shields, a research director at Retail Finance Intelligence, told the newspaper: "The average age of a first-home buyer is increasing in Australia. Does that mean in 2040, the average age of the first-home buyer is going to be 38 or 39? Quite possibly."

Morgan Stanley economist Gerard Minack recently told BBC News that the property market in Australia is over-valued but "a collapse is unlikely", which may comfort people looking to compare home loans.ADNFCR-1761-ID-800574977-ADNFCR